U.S. Bank survey reports Ohio small business owners less optimistic about economy than national counterparts

Ohio small business owners are less optimistic about the economy than their counterparts nationwide, according to a new survey from U.S. Bank.The survey, now in its fifth year, polled 3,173 small businesses during the first quarter of 2014, including 200 in Ohio, with $10 million or less in annual revenue. The businesses are in the 25 states in which U.S. Bank provides small business banking services. (Full results are here, and Ohio results are here.)Asked about the current state of the economy, 69% of small business owners in Ohio described the economy as “fair” or “poor,” compared with 57% of small business owners nationwide who used those terms to describe economic conditions.The survey found that 43% of Ohio small business owners described the local economy as being in the “same” condition as the national economy, while 39% described it as weaker (compared with 30% nationally) and only 14% described it as stronger (compared with 32% nationally).In keeping with the less-favorable outlook among Ohio small business owners, 26% said they were likely to make a capital expenditure in the next year, compared with 29% nationally.Ohio did fare better in one respect: 23% of business owners said they plan to add to staff in the next year, compared with 20% nationally.“Many small business owners in the state are hesitant to make big investments until they sense that the economic recovery is picking up its pace,” said Jerry Archambault, regional small business banking manager for U.S. Bank in Central and Northeast Ohio, in a statement. “Still, out in the field, we've been hearing that they're ready to grow and they continue to look for innovative ways to improve efficiency and boost their visibility in their community.”

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